Online Property Auctions

Buying BMV property with OPA365.com

OPA365.com bring you an opportunity to buy properties at substantial discounts. All we ask is that you have funds available and legal arrangements made before placing bids to purchase.

Online Property Auction Facts

• No membership fees
• Significantly discounted prices
• Research, bid and buy online
• 1.5% of final sale price due on completion

Buying Investment Property FAQs (Click to view answers)

• Where does OPA365.com source its properties?

Properties on the site are sourced from professional sellers such as estate agents, builders and banks as well as individual sellers. In order to list a property on the site, sellers must set a reserve price below current market value. This ensures that each lot on the site provides an attractive proposition to our buyers.

• How does OPA365.com earn money?

OPA365.com charges a fee to the Buyer of the property in the amount of 1.5% + VAT. This fee is based on the final purchase price of the property and requested on successful completion of a purchase.

• Why would someone pay a fee to purchase on an online auction site?

OPA365.com provides its buyers with discounts on all properties; therefore, buyers on the site are willing to pay a fee if they are getting a discounted value in their purchase.

• How does the bidding process work?

OPA365.com uses a maximum bidding system to make bidding on properties as easy as possible. By entering the maximum amount you are willing to pay into the 'Maximum bid' box, the site automatically maintains your high bid position by bidding on your behalf up to your maximum amount. An increment of £250 is used for each automated bid.

• Are bids binding?

If a bid meets the reserve price at the close of the auction, this constitutes a conditional exchange of contracts. The successful bidder will then be bound under the site's Terms & Conditions and required to follow the post-auction process described below.  

• What happens if I win?

Within 48 hours of the close of an auction, we require that the buyer transfers a 10% deposit to the seller's solicitor by bankers' draft or cheque (with card guarantee) and provide proof of ID to OPA365. Contracts must be exchanged within 5 business days and completion of the purchase within 28 days.

• Does the seller have to accept the highest bid?

The lowest price at which the seller will accept a sale (reserve price) is agreed for each lot prior to the auction commencing. This price remains undisclosed until it has been met during bidding. Following the close of an auction in which the reserve is met, the seller is required to exchange the Contract For Sale with the buyer within 5 business days.

• Are bids or offers accepted outside the auction?

All bids and offers are must be placed through OPA365 for the duration of each auction. No offers will be considered "outside" the auction process.

• What if the reserve price is not met during an auction?

If the reserve price is not met during an auction, OPA365 will liaise with the highest bidders and the seller in an attempt to negotiate a mutually agreed price. If this is successful, the process proceeds as it would following the close of an auction where the reserve price is met.

Further Information on Property Auctions

Need to make legal or financial arrangements? Click here to view our partners.

Got a question or unsure about something? Click here to contact us.